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10 Top Tips for Reducing Household Expenses
Regardless of the economic climate, it is always a savvy move to assess your expenditure and look for ways to cut your energy costs. Small changes can make a big difference to your energy efficiency and reduce your outgoings significantly.
1. Know Your Accurate Energy Usage
Do not pay for estimated resources. Using a smart meter will tell your exact energy consumption and means you simply pay for your actual confirmed gas usage. So many customers are unknowingly trapped into paying for estimated energy, which can be very costly.
2. Secure an Suitable Tariff
Once you have established your actual gas and electric consumption using a smart meter, speak your energy supplier regarding the various available tariffs.
There are over 120 tariffs available for energy in the UK and there is definitely one to suit all households. Being more assertive in this area can save you money instantly.
3. Let There Be (Energy Efficient) Light
Lighting accounts for up to 40 per cent of our individual electricity bills.
Change light bulbs to energy saving bulbs for a progressive way of reducing your energy expenses. As energy efficient bulbs last ten times longer than normal high-watt bulbs, any cost in making this switch will be quickly recuperated.
Although many days in the UK are dismal, cleaning windows and opening blinds means that rooms can generally be lit with natural light.
4. Don’t Tumble Dry
Tumble drying your clothes is one of the most financially and environmentally expensive appliance usages. Though energy efficient products are now available, try to make use of any other means you have for drying clothes.
During the winter months, fill indoor clothing racks and radiators within items to be dried. Summer washing is generally less of a problem, with warmer temperatures meaning you can hang loads of washing outside to dry naturally.
5. Switch Off Electrical Equipment
Turning your electronic equipment off at night can cause impressive yearly reductions in your expenditure. Encourage the family to turn all laptops, consoles and computers off during the night, and unplug phone chargers when not in use.
Simply switching off a computer overnight saves £35 on the cost of running the equipment 24 hours over the course of a year. Once you have factored in the number of computers and other electronic equipment in your home, this could amount to quite a saving.
6. Moderate Your Heating
Turn your heating down by just one degree. Such an unnoticeable alteration to your thermostat holds the potential to cut your energy bills by a whopping £55 per year.
Enhance your savings by becoming more energy efficient. Rather than switching on heating and cooling systems, use doors and windows to regulate temperature.
7. Invest In Energy Saving Appliances
Most appliances on the market now offer detailed insight into their environmental impact. Buying eco-friendly products not only benefits the climate, it also benefits your pocket. The lower the amount of energy the appliances consume always equals lower energy bills for your household.
8. Reduce Water Waste
A dripping tap can cost up to £400 per year. Paying out for plumbing services now will definitely save on your water bill.
Rather than bathing daily, swap alternate baths for showers. Showers typically use 35 litres of water, whereas baths take more than double this amount at 80 litre of water per tub. Though this varies depending on the type of your shower, according to South Staffs Water, power showers still save approximately 20 litres on the average bath.
9. Replace Your Old Boiler
If your home currently uses an old G-rated boiler, of 15 years of age or more, then you may find that investing in a new A-rated boiler will save you money long term.
Gas burning boilers eat energy and money and are a costly way of fuelling your home. The government currently offers £400 to those who are looking to purchase a new energy efficient boiler, with companies such as British Gas doubling this grant.
10. Insulate Your Home
Alongside grants for new A-rated boilers, companies are being encouraged by the government to offer discounted (and free) loft and wall cavity insulation. Take the time to see if you are eligible for this as it can make your home significantly warmer, reducing your reliance on central heating.
Be assertive to how you are using resources within your home, small changes can make a big ecological and economic difference.
This is a guest post.
Expensive Cheese
Saturday morning, I woke up to a room-temperature refrigerator. I dislike drinking milk that’s 40 degrees warmer than I’m used to.
We called the repairman who showed up at 9PM and poked around in the fridge for a bit before announcing that he didn’t have the needed parts in his truck.
The parts came Monday. The next repairman got there Tuesday afternoon. For those of you keeping track at home, that’s nearly 4 days without a refrigerator.
That poor bacon.
Tuesday’s repairman didn’t think highly of Saturday’s. Apparently, the two parts Saturday ordered never go bad at the same time, so he was guessing.
He also didn’t notice the slice of individually wrapped American cheese that had slipped between a shelf and one of the cold-air vents, preventing any air flow at all.
Grr.
I wish I would have noticed that on Saturday. I now own the most expensive cheese in the world. It’s not Pule, which comes in at $616 per pound. This lowly slice of American cheese cost me nearly $200. At one ounce per slice, that’s $3200 per pound. Of course, I’m counting the lost food. My hamburger, eggs, bacon, milk, and mayonnaise are gone, along with every other perishable bit of food we had on hand.
I don’t know how much the repairs cost. Saturday’s visit, minus the parts, was billed at $95. I didn’t see the total for Tuesday’s visit.
We pay for a repair plan through our gas company. For around $15 per month, we get a list of appliances protected. We don’t have to worry about our washer, dryer, water softener, stove, refrigerator, or our sewer main. Assuming Tuesday’s visit was billed the same as Saturday’s, this one repair paid for the plan for an entire year. When you count our sewer main–which backs up with tree roots once a year and costs at least $200 to fix–the repair plan is definitely worth it for us.
When we get tenants in my mother-in-law’s house, we’ll have the repair plan set up there, too.
Do you use any kind of repair plan? How is it working out for you?
Slumlord Update
We’re six weeks into our new lives as slumlords. Our tenants moved in late in January for a lease that started February first.
Our tenants are paying $1200/month for a two bedroom, 1 bathroom house and 2 of the 3 stalls in the garage. This is in a first ring suburb. The house itself is a bit under 2 miles from the border of Minneapolis.
The rent is on the lower end of the curve for the size and location, and my wife has known the tenants for years.
Of the $1200 we get each month, here are our fixed expenses:
- Water/sewer/garbage: $170 per quarter
- Property taxes: $2359 for last year
That’s $253.25 per month we pay for the property.
The tenants pay gas, electric, and cable.
That leaves $946.75 in profit for us each month. Yay!
But wait.
Two days after moving in, the new boiler went out. It was a pain in the butt, but the company fixed it for free. They even loaned our tenants some space heaters, since this happened when it was -20 degrees Fahrenheit.
A couple of days after that, the drain pipes coming from the bathtub gave out. Eighty-year-old cast-iron pipes do that. $325 for that fix.
The paint we put in the kitchen is peeling? $250 and a day of painting.
Part of our project with Sammy has him maintaining the property. For the winter months, he’s been cleaning out the snow every time it falls. $425 for February and March. Welcome to Minnesota. I’m not sure this is going to be a continuing part of the property service next winter.
Sink clogged further down that we can reach with our pipe snake? $125.
3 feet of snow melting faster than the ground underneath is thawing, allowing water to seep through the basement walls? We don’t know, yet. That fix has to wait until the snow is gone.
Of the $1893.50 “profit” we’ve received so far, we’ve had to pay out $1125. Of the remaining $768.50, we’re setting aside $500 per month for future repairs, which we expect to keep making for at least a few months.
Hooray for a -$231.50 profit! It makes all of the work for the last 10 months worth it.
IQ Tests
I dislike stupidity. Particularly willful stupidity.
The problem is that you can be having a conversation with some one that you don’t realize is stupid, then they whip out the dumb-hammer and steal some of your IQ points by osmosis.
I hate that.
Since my lobbying efforts to have the willfully stupid get identifying facial tattoos seems to be failing, I’ve developed a system. My system helps me identify willfully stupid people and allows me to ignore anything they say, or–more likely–walk away as soon as I’ve identified them.
Here’s my system:
If someone expresses a specific opinion on a specific topic, I know they are an inefficient use of air and should be ignored, preferably from a different room.
What topics? I don’t pick topics that are necessarily controversial. For example, politics. I’m a died-in-the-wool Leavemethehellaloneitarian. Commies who want to take my money to fund stupid programs or stupid people aren’t a part of my IQ test. They’re just misguided. I’ll pat them on the head and change the topic, because I’m not interested in being either a history or an economics teacher.
The topics I go for are straightforward. It’s a matter of “If you believe this, you are beyond help.”
What topics?
- The moon landing was a hoax. Buzz Alrdin actually got the honor of punching one of these idiots. I won’t get into the science here because–as I said–I don’t want to be a teacher. Just 2 points from a human nature perspective: 1) The Russians were watching and good tell where the radio signals were coming from. If they could have embarrassed us, they would have. It was a Space Race. 2) Conspiracy 101. 13 people can keep a secret if 12 of them are dead.
- 9/11 Truthers. There’s too much stupid rolled up in anybody who think 9/11 was an inside job. Engineering, human nature, cinematography, and critical thinking are all topics they can never master. Just walk away. They probably won’t notice they are talking to a wall for a while, anyway. If they do get offended, it’s no big deal, because there’s no way they can remember your name longer than it takes to take a couple of breaths. Seriously, they became Truthers because it’s the only job they could get that didn’t mind retraining them after each coffee break.
- Holocaust Deniers. I almost skipped this one because it’s hard to describe them without resorting to language I try to avoid here. Ten million people died as a direct result of evil. Evil that ran a successful PR campaign on television. Evil that was witnessed by millions as it was happening, and by tens of thousands more as the concentration camps were liberated and mass graves were uncovered. If you deny this, you are not only beyond help, you are beneath contempt.
There are some other groups that get this to a lesser degree. Anti-vaccinators get a pat on the head. They are benefiting from the herd immunity provided be the people who get their kids vaccinated. If the rest of us went that route, we’d grow some fabulous epidemics again.
What about you? Do you have a shortcut system for recognizing people better left ignored?
7 Benefits of Investing Internationally
When it comes to financial investments, it’s always better to go with an informed decision than one that relies merely on chance – besides, gambling only works when luck’s on your side. Fortunately, international investments are a financially secure and reliable form of investing as long as you know your limitations. So, in keeping with the idea of sound financial decisions, here are seven benefits of investing internationally:
Diversification of Your Funds
A diversified financial portfolio gives investors options in terms of economic fluctuations and, by investing internationally, your finances will have alternative sources of stability. In other words, if your money is spread out among various countries, then an economic crash in one country won’t affect other investments.
It goes without saying that with diversification also comes a learned understanding of various global economies and markets, but with the help of a financial adviser or with a little research, you’ll have the ability to make informed global investments, which is always better than the “eggs in one basket” approach.
Investing Abroad Means More Options
Just like there’s diversification with investing internationally, there are also many options when it comes to the way you want to invest your finances. And, with international investing growing in popularity, the investment options available in today’s market are quickly becoming commonplace.
Three of the most popular forms of international investments are mutual funds, exchange traded funds (ETFs), and American depository receipts (ADRs). And, although mutual funds are a common form of investment, ETFs and ADRs trade much like stocks and therefore take a little more financial knowledge to navigate.
International Protection and Confidentiality
If you’re the type of investor that’s worried about financial scares associated with foreclosures and lawsuits, investing internationally has an added advantage of asset protection. With investing abroad, many foreign financial institutions are able to protect your investments from seizure and other threats.
Likewise, investing internationally also comes with confidentiality concerning your finances. International financial institutions are not legally required to divulge your monetary details to anyone. Confidentiality isn’t to say that international investments are exempt from legalities, but they’re entitled to more freedoms.
Investment Growth on an International Level
In terms of household incomes, import/export strengths, younger working populations, and the lean toward free-market economic policies, investing internationally has the potential for more growth than investing in the United States alone, which translates to an increase in return potential in overseas investments.
In fact, according to the International Monetary Fund, the United States is expected to fall below the rest of the world for the next two years when it comes to economic growth. Because of this, companies like Fisher Investments Institutional Group are strategizing toward international investments in strong economic climates across the world.
Currency Diversification Strengthens Portfolios
Much like international investing gives your portfolio safety in numbers as opposed to having all assets invested in one country’s economy, so do currency differences from country to country. In relation to the US dollar, many countries across the world have stronger currencies, which helps boost returns over time.
The flip side of this coin is the idea that fluctuations in currency strengths can just as easily work against your portfolio as they can strengthen it. It’s wise to keep an eye on international currency rates and how they compare to the US dollar, but never invest solely based on rates as a country’s currency can drop in strength overnight.
A Reduction in Taxes
Otherwise known as tax havens, many countries across the world offer attractive tax incentives to foreign investors. These incentives are meant to strengthen other country’s investing environments as well as attract outside wealth.
These tax incentives are particularly attractive to US investors due to the increasingly high taxes in the country. As a result, the United States government is creating more defined restrictions and laws when it comes to international investment tax incentive regulations.
Investment Potential in the United States is Dwindling
Because the United States has both the world’s largest economy and stock market, financial opportunities are almost maxed out due to over-investing. On the other hand, emerging markets in other countries are growing in size and strength, which is quickly resulting in stronger economies and more investment opportunities.
By ignoring the potential of other world markets, you’re also ignoring global economies and stock markets that offer unforeseen investment potential when compared to the United States, which is something every investor should keep in mind.
So, from portfolio diversification to investment growth, investing internationally is a great way to expand your financial horizons.
This is a guest post.
